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Yahoo Sports: Warren Sapp files for bankruptcy

FORT LAUDERDALE, Fla. (AP)—Former NFL star Warren Sapp owes more than $6.7 million to creditors and back child support and alimony, according to a Chapter 7 bankruptcy filing in South Florida.

Sapp’s $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500, a $2,250 watch and a lion skin rug worth $1,200. He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami.

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Re: Yahoo Sports: Warren Sapp files for bankruptcy

People love to act like this is example of "dumb" pro athletes, but this happens every single to day to everyone in this country who gets a little money so young long before they've been taught how to save it.

Every day poor kids join the military and they come out after 4 years and numerous deployments broke as a joke. This isn't new, this isn't unique to athletes.

Both athletes and those who join the military are generally an example of people who didn't grow up with a lot of money who are targeted because of that money.

The real problem in both cases is the organizations that pay them don't dedicate enough time helping them learn how to save their money so these kids can have a nice retirement.

Re: Yahoo Sports: Warren Sapp files for bankruptcy

People love to act like this is example of "dumb" pro athletes, but this happens every single to day to everyone in this country who gets a little money so young long before they've been taught how to save it.

Every day poor kids join the military and they come out after 4 years and numerous deployments broke as a joke. This isn't new, this isn't unique to athletes.

Both athletes and those who join the military are generally an example of people who didn't grow up with a lot of money who are targeted because of that money.

The real problem in both cases is the organizations that pay them don't dedicate enough time helping them learn how to save their money so these kids can have a nice retirement.

Military kids get a lot of money? Never heard that. Is that because of the war tours, or is that because they don't have the overhead (because my friend is air force, and I know his salary is pretty low)

I agree with your premise, though. People like to laugh and roll their eyes, but doesnt matter if you make 50K or 500 million. People in this country blow through money all the time, just in different ways and different shapes.

Re: Yahoo Sports: Warren Sapp files for bankruptcy

To each their own. I have no sympathy for people who blow through their money, but I feel that way for people whether they make 10K a year or 100M a year.

People are quick to bash the rich for blowing through money, yet I have met/seen people who make pennies and live a lavish lifestyle, often ending up in massive credit card debt and barely being able to live. Always funny to see/hear those folks bash the wealthy for blowing through money

If you are able to live within your means and have no debt, then more power to you. I know I am young, but I am still learning and have made some [extremely] stupid mistakes along the way.

Re: Yahoo Sports: Warren Sapp files for bankruptcy

Another good example are kids that go on scholarship to college and, as the come into adulthood, go into debt because they don't understand how credit cards or student loans work. The problem isn't the people--it is the people and organizations around them that take advantage of their "wealth," however large or small.

Re: Yahoo Sports: Warren Sapp files for bankruptcy

I agree with your premise, though. People like to laugh and roll their eyes, but doesnt matter if you make 50K or 500 million. People in this country blow through money all the time, just in different ways and different shapes.

It does matter. You can blow through money trying to better yourself or you can blow through money by living a fantasy. Each step of the way though you got guys trying to take advantage of you and that I can relate to and feel for someone like Sapp if that indeed happened in his case.

A decent education cost way too much in this country IMO and if you factor in a old car breaking or a AC unit going out then 10k is easy to burn through in a weekend. Atleast it was in my case.

Re: Yahoo Sports: Warren Sapp files for bankruptcy

It does matter. You can blow through money trying to better yourself or you can blow through money by living a fantasy. Each step of the way though you got guys trying to take advantage of you and that I can relate to and feel for someone like Sapp if that indeed happened in his case.

A decent education cost way too much in this country IMO and if you factor in a old car breaking or a AC unit going out then 10k is easy to burn through in a weekend. Atleast it was in my case.

I agree with that.

Of course a financial analyst would argue you should have an emergency found and should be saving up for that emergency, no matter how much or little you make

Regardless, my point was people blow through money (and I didnt mean bettering themselves, though the cost of a college education in this country is a thread for another day) doing all kinds of crazy things, ranging from buying houses and cars out of their price range to going to the bar and hitting the club 4 nights a week.

Re: Yahoo Sports: Warren Sapp files for bankruptcy

Of course a financial analyst would argue you should have an emergency found and should be saving up for that emergency, no matter how much or little you make

Regardless, my point was people blow through money (and I didnt mean bettering themselves, though the cost of a college education in this country is a thread for another day) doing all kinds of crazy things, ranging from buying houses and cars out of their price range to going to the bar and hitting the club 4 nights a week.

I don't even own a credit card. Never had one and the emergency fund got used up for other reasons. When the crap hits the fan repeatedly it can put people in situations that even the best of us can not prepare for. I doubt that happened in sapps case but you never know.

I know what your talking about though but a person making 50 k gets into finacial touble even doing the right things.